3.
| (1) Subject to the other provisions of this Act, there shall be charged for each financial year-
| | (a) from every company incorporated in Ceylon and carrying on business on or after the relevant date and having a share capital, a tax computed at the rate of fifty rupees for every ten thousand rupees of the share capital of that company as on the relevant date, in the case of the financial year ending on March 31, 1962, and, in the case of each of the subsequent financial years, on the date of commencement of each such financial year, | | |
| | (b) from every company incorporated in Ceylon and carrying on business on or after the relevant date but limited by guarantee and having no share capital, a tax of five thousand rupees, and | | |
| | (c) from every company incorporated outside Ceylon and having a place of business in Ceylon on or after the relevant date, a tax of fifty rupees for every ten thousand rupees of its capital employed in Ceylon, but so however that, in the case of the financial year ending on March 31, 1962, the tax payable shall not be less than five thousand rupees. | | |
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| (2) A tax charged under subsection (1) is hereafter in this Act referred to as " the tax ". |
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| (3) For the purposes of subsection (1), the expression " capital employed in Ceylon ", means all property, movable and immovable, used by a company incorporated outside Ceylon for carrying on its business in Ceylon but does not include the liabilities of such company incurred in carrying on its business in Ceylon or any sum invested by such company in any industry approved for the purposes of this Act by the Minister of Finance by Order published in the Gazette. |
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Sri Lanka Consolidated Acts